In light of his expertise in securing funding to combat climate change, the US government has proposed Indian-American businessman Ajay Banga as the next president of the World Bank.
The former Mastercard CEO, according to President Joe Biden, has vital experience mobilizing public-private resources to address the most pressing problems, including climate change.
Banga has served on the boards of major firms, is currently a consultant for General Atlantic’s climate-focused fund, BeyondNetZero, and has collaborated on US vice-president Kamala Harris’ Central American initiatives.
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It is expected that Banga will succeed David Malpass when he steps down in or before June because the US is the bank’s largest shareholder and normally elects the president.
Sonia Dunlop, the public bank’s coordinator for the E3G campaign, lauded the nomination, saying “Banga will be a fresh pair of hands at the wheel of what we hope will be a greener, bigger, transformational and reformed World Bank capable of leading a global response to global challenges.”
Story was adapted from Climate Home News
